Cashier check from Bank of America in Thailand ?

Question

I had a saving account with Bank of America. I closed the account because I am currently in Thailand. The US banker gave me a cashier check. I wanted to put the money in my Siam Commercial Bank in the South. They said, it takes 45 days to transfer my money from Bank of America.

The siam commercial banker admitted he has never done this type of transaction. He called his advisor in BKK. They helped him, but I still have to wait for 45 days. Is it a norm? What should I do?

The money is in thousands of USD.

Answer 1

Hi Hope--when I moved from the US I transferred a lot of money from Bank of America to Siam Commercial Bank in Phuket. I had to wait 30 days before I had access to it. I did it electronically so maybe that's why I only had 30 days. Unfortunately, this wait is normal.

Do you have a credit card you can use for a cash advance? This would probably be your best option. Then when the transfer is complete, you can pay it of. I'm sorry to bring bad news, but I think this is just the way it is. Bank of America can be very difficult to work with sometimes.

Congrats on getting back to Thailand and good luck :)

Answer 2

I suggest you go to Bangkok to the BOA branch and cash it.  Don't be too hard on Bob, you asked how to move $4,000 and were told by more than me to put it in your pocket and deposit when you got to Thailand.

http://answers.yahoo.com/question/index;...

The bank is currently located at

All Seasons Place, CRC Tower,

33rd Floor, 87/2 Wireless Road,

Pathumwan, Bangkok 10330.

You could also call them as they may have other branches or

other ways to transfer the money (66) 2305-2900.

This is normal operating procedures in Thailand.  No one can think that there should be an easy way to do things.  As MP Bob  said, welcome to LOS.

Answer 3

You could have kept some of your money in the BofA and made withdrawals with a debit card while in Thailand.  I can use my debit card in Thailand to take 10,000 baht a day from my account in the US.  But for you that option is too late.  Some expat friends of mine have accounts where they can take even more out each day - so they say!  

You can shop around for a different Thai bank and see if the same rules apply.  I understand the wait, they want to make sure that the check is bona fide and not a scam.

If you still have another bank account back in the US you can deposit that big check with them and then make withdrawals with their debit card.  Air mail to the US is 7 - 10 days, probably 4 days to clear a large (US bank) check in the US.  

Nothing else, guess you may have to wait and borrow money from relatives or use credit cards for the interim.  

Answer 4

Hello Hope, It's me again. OK. I've done this business for ten years. Yes, it's normal and applied to every banks in the country and in fact in most part of the world. To begin with there are about 13-15 clearing centres in the US clearing cheques. Imagine, in the old days (couple of years ago) it should take about 10-15 days to clear the cheque from coast to coast in the US itself.

In Thailand, Thai Baht cheque get clear in the province to Bangkok as long as 7 days (imagine the physical cheques have to travel and verified signature prior to funds released).

In your case, it's a bank cheque so signature isn't an important thing, and that the US is now implementing what called Check 21; meaning that your cheque will be scanned into a computer file and sent for collection. Which will save some travelling time for the physical cheque. Cheque 21 (don't ask why it was 21 I don't remember) was created after 9-11 when all planes were put on the ground because of the incident, and imagine how many cheques were on those planes uncleared for so long time.

Still, in the US there are three laws involving in cheque clearing which is consumer protection laws, giving three whole years of protest on the cheque issuer part. This makes cheque collection an unwanted business for Thai banks.

The process is your cheque now with Siam Commercial bank will get send from your upcountry branch to SCB HO (usually take a week because they might not have the courier everyday). Then it may take another week or half a week depending on when you cheque arrives and they are ready to send the shipment to overseas, usually in Thailand the Thai bank send cheque to either American Express bank or Wachovia. Then, in the US, Amex or Wachovia do the check 21 procedure (scanning and clearing) which very much depend on how far away your issuing bank is from New York or in case of Wachovia I think in Phladelphia.

After funds received from the issuing bank, usually bank has a freeze time to protect themselves against the consumer protection laws for approximately ten days.

All that makes your cheque collection take, I'd say about 30 business days. Try cross country USD cheque collection. I did my Krung Thai bank USD cheque collection to Bangkok Bank Indonesia, it took me four months.

Next time use Traveller's cheque, you get your money instantly. Should have asked me first.

Answer 5

Yes that is the norm.  Welcome home to the LOS.